Massively oversubscribed CB offering

摘要

Shanghai electric group received an overwhelming response to its offering of six-year convertible bonds of Rmb6bn (US$960m), with the public tranche about 352 times covered. The company launched the offering amid a severe supply shortage stemming from a massive buyback wave. Last month, big-cap issuers Bank of China, Industrial and Commercial Bank of China and China Petroleum & Chemical (Sinopec) announced buybacks of outstanding CBs for combined principal of Rmb38bn - one-third of the amount in the market.